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Hello! I currently have a 20k personal loan with PenFed. I understand they limit members to 25k for personal loans at once.
I am moving my checking there and would like a PLOC. Is that treated in the same bucket as a personal loan? So all I could get is another 5k, or do PLOC have their own ceiling for members? I think I have to identify in the app how much I want. Don't want to ask for too much and burn an inquiry.
Thanks all!
Installment loans such as a personal loan, mortgage, student loan, auto loan, etc. are not the same as a PLOC, which is a revolving line of credit similar to a credit card.
I would call PenFed and ask them.
Perfect, I wonder if they use FICO 9 bank card for that pull.
@Grim87 wrote:Perfect, I wonder if they use FICO 9 bank card for that pull.
I don't believe PenFed uses FICO 9 BE for any purposes. Plain vanilla FICO 9 is used for account reviews and I believe that's what they are primarily using now, but I haven't actually applied for anything from PenFed since they started using FICO 9 a few years ago.
I am pretty sure it is just plain jane FICO 9